Negotiation the Key to Family-Run Business Success: Tips From Harvard Business School

Pharma has its share of family-run businesses.  India's Nicholas Piramal would be a positive example, and South Korea's feuding Dong A Pharma a negative one (are father and son now on speaking terms?  This article suggests they are). Harvard Business School professors John Davis and Deepak Malhotra (any relation to Girish? ) offers advice for those managing family-owned corporations.  The secret to success, they say, is following five simple rules of negotiation.   1. Analyze the negotiation space (all parties affected or potentially affected, and the interests, power and constraints affecting each individual). The negotiation space in a family business system is often extensive and typically complex. 2. Don't try to beat the other side 3. Understand the other party's interests, constraints, and perspective 4. Avoid single-issue negotiations: identify and negotiate multiple issues simultaneously 5. Negotiate over interests, not positions For the entire article, read on. -AMS